Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-01
THE BRITISH SPEAK.
LETTER FROM THE p0sDHoLDERS
COUNCIL TO THE GOVERNOR.
Enlargement Of the Legislative Commit
tee-Latest Phases OF the Con-
ference Question.

confer with the representatives OF tne |
foreign bondholders with reference to
the S, t;lement of the State debt. The |
resolution was subsequently, taken mp.
Nr. Diggs moved TO pass by, as he
considered this action premature. 1t
vas time enough 70 vote on this propo-
sition TO enlarge the committee when 1T
becomes positively known that there
will be any commission to meet such a
committee. He Thought the former ac-
ton in appointing the committee pre-
mature, and now to be taking steps to
enlarge il was more so.
The Senate refused to pass by.
TO APfoIST OUTSIDERS.
Mr.. Diges moved to so amend the
resolution as.to empower the Governor
10 appoint three persons not residents
Of tie State on this committee.
This was discussed briefly and voted
down after which the resolution, as 1t
| came from the House, was adopted.
So the legislative committee will be
increased from eight to ten, and Mr.
Massey and Mr.. Stuart will be two OF
tie ten.
Mr.. Massey will name three other
members, and Mr.. Stuart will name
five
II is understood that the chairman OF
each Finance Committee (Mr. Koiner
and Mr.. Pollard) will be appointed.
AMOUNT OF THE DEBT.
Mr.. Staples offered the following, the
immediate adoption OF which he asked
R,soired, That the Second Auditor DO request
| al 70 furnish TO the Senate a statement OF tho
amount of the dobt Of Virginia calculated upon
| the following basis:
FIiIniratc one third Of the debt as 1t existed
| on tic lst dOyOf July, 1851.
Calculate simple interest on tho amount 80
nscertaiucd at the rate prescribed by the D0nls
| 10 tho LIST day Of July, 1882.
Allow credits Tor any payment tnbue Oh ~. IN
| tcrest or bonds redeemed by the state OF VIZ
ginia.
Mr.. Mccormick thought this entirely
unnecessary, but suggested that, II Mr..
Staples insisted on his resolution, he
could improve it by changing the date
from 1861 to 1868.
Mr.. Staples objected to making the
change and urged the adoption OF his
resolution.
Mr.. Jones thought thisresolutiUn en-
tirely unnecessary, and that It's adop-
ton would entail lot of trouble. and
pIobahly do more harm than good.
The report of the special committee
appoinied TO examine the State secun-
ties il fhe basement OF the Capitol
now IL the hands Of the printer, would
contain the information desired (pro.
badly in a different form), computed
from n period long before the separa-
ton of West Virginia from Virginia
June 80, 1868.
The resolution. after being further
discussed, was rejected.
Mr.. BOUvERIE's LETTER.
The Chair laid before the Senate
con munication from the Governor en-
closing letter from Mr. Bouverle
riGcntically the same as that given ~
he House report below, which was
laid on the tableand 800 copies ordered
TO be printed.
House.
In the House of Delegates yesterday
the motion Of Mr. Echols made Thurs
day to reconsider the vote 10y which MIR.
A. Fulkerson's resolution adding the
Sneaker Of the House and the Lien
tenant Governor to the committee to
confer with a committee from the To-
! reign bondholders, and which motion
was that day passed by, came up as un-
| finished business.
MIR. Fulkerson said that he had no.
thing to add to his former remarks, eX-
cent that he was more in favor OF the
resolution now than yesterday.
lhe vote was reconsidered and the
resolution adopted without division.
Mr.. Fulkerson, by request OF the
Speaker. communicated its passage to
| the Senate.
COMMUNICATION FROM THE DoNDHoLD-
ERs.
Governor Lee communicated the fol-
! lowipp. which had been received from
the Council of Foreign Bondholders
To His Ereellsney General FizhaJh Lee. Cor
eynor ~ the .Stateot Virginia, Richmond, Fd.'
| 4. ). IL:
| COUNCIL or FOREIGN B0SDH0LDERs,l
| II MOORGATE STREET.
| LONDON, March IL, 1887. J
Sir.--In view Of The extra session OF the tif-
| piuia LEGISLATURE, which II Is understood ha'
| hCgn summoned lOI hlt DulHpob W
| ing among other thugs, The present condition
| of the state debt, the Council of tho corpora
! tion Of Foreign Bondholders anJ the Comhit'eo
| OF English Virginia bondhoideis aeits au
| croiunc'ion with the Council, beg leave 70 ln-
| We your attention b. their letter 10 your HA-
| cellency dated 9Th October, 1880, handing yod
| COMES Of the resolutions passed at q pup4c
| mestipc Of the Virginia bondholders held ia
,bie civ on the .f.h of september last, whorein
1 they EXPRESSED their willingness 10 meet the
stale ip a fair and liberal spirit, ana u accept
| "A compromise Of ther demands on the otate,
| based on tho ability Of The state 70 di5cbHso its
| oIlicofions without raising the present rate ol
| In order 10 render more effective any action
| which the committee may take, ana Win th9
| object OF bringing tho 6ondnoloers under one
| renreseptstiOn should the CONTAMINATION they
| earnestIy desire DO arrived at, the committee
| nave lately called on Virginia bondholders 70
| deDosit their bonds on trust with tho Corpora
I tion Of Foreign Bondholdcrs. Inc following ~
| an extract from the Conditions aud oblects OF
| 1etosit of bondsn set forth on the certlhcatss
! Of deposit: 49,. ,o,, and
| counons IA to invest, and the party lodging
ne Same as holder thereof thereby invests
the CORPORATION OF Foreign Bondholdors Win
the following powers, cxercisable ~ concur
renee with tho Committee OK Virginia state
BOndholders; s.,....,,
| ora Tor The tirne being. collectively ana indi-
| yiduauy. OF all bonds and coupons depoSited
! for an purposes and with all the powers which
| euch holders themselves have or can exercise
In relation 70 their rights IA such holders.
tIO "To negotiate and when ratified by reso-
luticn q 4 general meeting OF cerdncate-held-
| ers) 10 conclude arrangements with the Sts'e OF
virginia or others In relation 20 the said beads
| and coupons on any terms, and 10 carry bhe
| eane ipto effect by presenting the same BONDS
| and coupons 10 the proper authority. ana OK
| changipR them for other securities or 0ther-
wise: and 70 generally act in all things az they
may think expedent In the Interests or on be-
hall az The bondholdors.
| lc) "To delegate any oi such powers 70 any
person or persons"
me CORPORATION OF Foreign B0ndholders Is o
uuhlic body (no. q private company or under
taxing, constituted by special charter oil the
Board OF Trade for public purposes, aud espe:
chilly 10 represent and protect the Interests ol
| foreign bondhoiders, and II Is ptecluded by ~
charter from dividing any proats amongst lts
| members. The gentlemon constituting the ,ir-
ripia COMMITTEES, acting In conjunction win tho
CORPORATION OF Foreign Bondholders, disciaihl
| onv feelings Of hostility towards the Stase, AMI
desire only 10 secure tor their constituents what
| tIey conceive 10 be reasonable recognition o.
| fhoir rights and % arrange such uialtets az arc
iu DISPUTE In an amicabie manner ana on
bseis which shall he satisfactory ~ both parties.
! 1he Corporation Of Foreign Bondhoiier,
| have Effected ARRANGEMENTS concerning the
,uhlic debts Of the following states. whose total
| Indenfcdoees amounted 70 G67j13J,OJJ-Flz.
| S,asr Turkey. Egypt, Moxico, Venezuela, Costa
Rtca, Paraguay. Uruguay. Greece, BOLIVIA Co
Inc Committee OF Virginia Boaiholders ars
of opluion that q fair settlementcan be arrived
| q, and that any arrangement which comments
,,s.n 10 them will DO cheerfully accepted by
tho noudboiders at large. Theywo however.
| ,sa,,su, vour Rxceiiency that the longer set